Economics at your fingertips  

Effective monetary policy committee deliberation in New Zealand

Gael Price and Amber Wadsworth
Additional contact information
Amber Wadsworth: Reserve Bank of New Zealand,

Reserve Bank of New Zealand Bulletin, 2019, vol. 82, No 1, 18 pages

Abstract: The Reserve Bank of New Zealand targets price stability and supports maximum sustainable employment using monetary policy. In late 2018, the Reserve Bank of New Zealand Act was amended to make a committee of decision makers responsible for monetary policy decisions, replacing the previous single decision-maker approach. A key goal of a monetary policy committee (MPC) is to make unbiased, and evidence-based monetary policy strategy decision which requires good committee design, high quality inputs and effective monetary policy deliberations. This article introduces a set of guiding principles and formal processes that support strategic decisions by facilitating an environment of robust deliberations. Our principles are: 1. clear objectives, 2. diversity, and 3. inclusion. Our formal processes for MPC deliberations are based on these principles.

Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) ... 19/rbb2019-82-01.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

More articles in Reserve Bank of New Zealand Bulletin from Reserve Bank of New Zealand Contact information at EDIRC.
Bibliographic data for series maintained by Reserve Bank of New Zealand Knowledge Centre ().

Page updated 2019-04-27
Handle: RePEc:nzb:nzbbul:apr2019:1